Heidelberg Cement raises outlook for 2016

BERLIN: Germany's Heidelberg Cement raised its profit guidance for 2016 after it got off to a better-than-expected start to the year and posted a 7 per cent rise in operating earnings for the first quarter.

"The year 2016 has started better than expected," Chief Executive Bernd Scheifele said in a statement on Wednesday.

HeidelbergCement is now forecasting a high single to double digit increase in adjusted operating income and net profit for before one-offs this year excluding its 6.7 billion-euro acquisition of Italcementi. It had previously said it expected a moderate increase.

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The unused Input Tax Credit (ITC) on goods and services lying with the property developers as on March 31 will be reversed for under-construction properties since the ITC stands to lapse from April 1 for such houses.